General Configurations
Last updated on 2025-10-15
Overview
The General Configurations workspace provides essential system-wide settings that establish the foundational parameters for your lease accounting processes.
The general configurations must be completed before you can create your first contract components, as they define critical operational parameters that cannot be modified once lease data collection process begins.
This article contains the following sections:
The ‘General Configurations’ Workspace
The General configurations workspace allows you to enter the start of fiscal year and transition date for your lease accounting setup:
Start of Fiscal Year
The Start of fiscal year option defines when your organization's fiscal year begins, which is essential for accurate lease accounting calculations and reporting periods.
Transition Date
The Transition date establishes the date when your organization transitions to IFRS 16 lease accounting standards. This is typically the date you first apply the standard, marking the starting point for recognizing lease liabilities and right-of-use assets in your financial statements.
The Start of fiscal year and Transition date fields become disabled and cannot be changed once the first component is created.